When you’re looking for a share trading platform, you are never going to be short on options. It can be a little overwhelming if this is your first time dipping your toe into the online trading market, and each site will be doing their very best to convince you to do your business with them. You may be offered a bunch of enticing incentives for signing up, you may see different types of fees being offered, but the fact of the matter is that there are several options out there which are not worth your time and money.
It is also important to note that “share trading” is a term that encompasses so many different types of trading. Some platforms will be specifically targeted at one group of traders in particular. Others will try to draw you in by offering you a wide range of different markets. But, as with anything in the stock market, preparation and research are absolutely key to making the right choice. Here are a few things that you should be looking for in your share trading platform.
Can They Offer You The Kind Of Leverage You Need?
This first point may not apply to every trader but if you are looking for a broker that offers high leverage trading, then it goes without saying that this is vital. In the simplest of terms, high leverage trading allows you to trade using a greater amount of assets than you currently have in your trading account.
Most brokers offer you a trading ratio, such as 1:10. That means that, if you have £100 to stake, the broker will allow you to trade with a £1,000 stake. It allows you to boost your profits even if you don’t have a huge amount of capital to work with at that point. Now, it goes without saying that you are going to want to do your research into the broker, so read up on your high leverage stock trading options before you commit. Buy Shares can help you find the perfect match for your needs.
What Is The Situation In Terms Of Fees?
Anyone who has traded online before will tell you that one of the most important things to keep an eye on are fees. Many share trading platforms will take a fee for any transaction conducted, but there are some that offer no-fees terms. A lot will depend on the kind of platform that you are looking for, the markets that you are looking to trade on, and the amount of support that you are going to require. The most important thing is that you have a crystal-clear idea of the kind of charges that you are going to rack up while using this platform, and if they are worth it or not.
How Much Support Are You Going To Need?
One of the reasons why there are so many different share trading platforms out there is because many of them are catering for different types of traders. A veteran passive trader may simply want to have an online broker as a way of securely conducting transactions, and to allow them to check on the performance of their stocks whenever they feel like they need to. A veteran active trader will want to be able to explore new stocks with access to up-to-the-second market updates. They will want to be able to buy and sell at a moment’s notice. But a new trader is probably looking for something with a little more support.
You may want a platform that offers advice and great customer service as well as the ability to trade. If this is the case, then you should look into signing up with a platform that’s friendly to newbies. A platform for veteran traders may have great user reviews but it might actually make it harder for you to get your head around the market and what you’re trying to achieve. The UK markets are looking good right now, but we still live in extremely uncertain times so support may be a must.
How Good Is Your Platform’s Security?
Now, this should not be too much of a problem if you are sticking to the major trading platforms, but security is definitely something that you are going to need to keep in mind in the coming year. Cybercrime has enjoyed something of a boom over the course of the pandemic while so many others were struggling. Every sector and every industry found themselves at a much higher risk, and everyone has been racing to improve their cybersecurity to protect their assets and their information.
When you are looking for your platform, look for information about the kind of security that they offer and how they can protect you. Of course, it’s definitely worth taking a lot of precautions on your end too. Use a password generator when you sign up, use a two-step authenticator to access your account, and, as always, beware any suspicious emails.